Binance Appointed Richard Teng as the CEO Of Singapore

Binance apponted Richard Teng as the CEO of Singapore. Richard Teng was the former head of Abu Dhabi's Center for Global Markets.

Recognized as the world's largest exchange, Binance announced that it has appointed Richard Teng, who heads Abu Dhabi's Global Markets Center for its Singapore branch and was the director of corporate finance at the Monetary Authority of Singapore for 13 years, to the post of CEO. Making a statement on the subject, Teng stated that the adoption of blockchain and cryptocurrency technologies is seriously accelerating, so they have to work much more with industry leaders and lawmakers. "We must make the growth of this industry sustainable." used the phrases.

Binance Wanted to Expand Its Regulatory Department

While Binance, which was taken into the lens of regulatory institutions this year, had to remove its futures features in Europe, it started to take more stringent measures on KYC. In addition, Binance has increased the number of employees in the regulation department by approximately 5 times. Speaking about Teng's joining the organization, Binance CEO Changpeng Zhao said, "We are delighted that Richard will lead Binance Singapore in fostering more strategic partnerships, fostering innovation and advancing the cryptocurrency ecosystem." Binance currently operates as Binance Asia Services in Singapore and is also exempt from the Payment Services Act. Thanks to the current temporary exemption, the stock market can serve its customers while their applications are checked. This exemption will expire at the time the application is approved, rejected or withdrawn.